HP Job Cuts Forecast Raised To 29,000

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Meg Whitman CEO HP

SEC filing reveals HP is shedding more workers than first thought

HP is to cut 29,000 jobs as part of radical changes at the troubled Silicon Valley giant, 2,000 more than it had originally anticipated.

A filing with the US Securities and Exchange Commission (SEC) said HP estimated 29,000 positions were to go as part of its “2012 Plan”, designed to “simplify business processes, accelerate innovation and deliver better results for customers, employees and stockholders”.

A number of those employees exiting the company will do so “as part of a voluntary enhanced early retirement (“EER”) program for US employees”, the filing read.

Things can only get better?

HP will be cutting jobs through to 2014, and the programme will end up costing the firm $3.3 billion overall, the company said. HP has already recorded a charge of around $1.7 billion in the third fiscal quarter of 2012 relating to its full restructuring plan.

Back in May, the company said it was to slim its workforce by 27,000. Many jobs are expected to go from the HP Enterprise Services division, formerly known as Electronic Data Systems, or EDS.

HP, led by CEO Meg Whitman, is trying to refocus its efforts on services and products that match up to what enterprise IT customers want. Yet it is still pushing ahead with its consumer-focused strategy, announcing a number of all-in-one Windows 8 PCs today.

The company has also set up an HP Mobility unit, which will be under the leadership of a former Nokia executive.

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